Economy
FG Inaugurates Task Force for Full Implementation of GIFMIS
By Tony Obiechina, Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Tuesday inaugurated an inter-ministerial task force charged with full implementation of Government Integrated Financial Management Information System (GIFMIS).
The programme was developed by different government agencies to enhance effectiveness of government financial activities.
Speaking during the inauguration in Abuja, the Minister said, the programme was jointly developed by the OAGF, BOF, DMO, CBN and FIRS in consultations with other stakeholders.
According to her, “the GIFMIS is part of pillar 3 of the National Strategy for Public Service Reform aimed at making the Nigerian Public service world class anchored on optimum service delivery to the citizenry.
“The overall objective of government is to implement a computerized financial management information system for the FGN, which is efficient, effective and increases the ability of federal government to undertake central control and monitoring of expenditure and receipts in the MDAS as well as Increase the ability to access information on financial and operational performance.
“It also aims at increasing internal controls to prevent and detect potential and actual fraud, access to information on Govenment’s cash position and improves medium term planning through Medium Term Expenditure Framework (MTEF),” she explained.
The Minister said the inauguration of the committee demonstrates government’s committment in ensuring accountability and transparency in the Armed Forces and other paramilitary agencies.
She charged the task force to look into the concerns raised with regard to full GIFMIS implementation with the sole aim of addressing them to ensure successful implementation of the system.
According to her, the concerns with regards to Military and the Intelligence Agencies covert operational expenses and other non-regular allowances for personnel and officers which are mainly cash based.
The committee which is expected to find solutions to the concerns raised has three weeks to conclude and submit its report.
Terms of reference of the Committee include, “Review the application of GIFMIS in the Armed Forces for Budget Preparation and review the application of GIFMIS in the Armed Forces for Bottom-up Cash Planning.”
Others are, review the application of GIFMIS in the Armed Forces for Procurement and Commitment Management Process among others
In his remarks, the Accountant General of the federation, Ahmed Idris said the GIFMIS serves as an integral item in Pillar 3 of National Asset in public service.
According to him, the system has been in place eight years ago, although it is not popular among MDAs, which is why his office is driving the process in managing government resources effectively.
“The GIFMIS kicked off since 2012 with 93 pilot MDAs and we have over 800 MDAs at all levels who are using it for budget implementation. Today, 105 MDAs deploy all functionalities of GIFMIS effectively.
“The ministerial task force will see to the implementation of the programme in the armed forces and other security forces of the paramilitary,” he said.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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